AEGEAN Airlines reports 13% net earnings growth to €80.9 million

AEGEAN Air has announced 2018, 9-month results with consolidated revenue at €939.3 million, 5% higher than 2017. Pre-tax earnings rose 14% to €115.8 million and net earnings after tax were up 13% to €80.9 million.

During the 9-month period to September 30, 2018, AEGEAN and its subsidiary Olympic Air, carried 10.8 million passengers, 6% more than the previous year, with 4.8 million in domestic and 6 million in the international network. Total passengers from/to Athens hub traveling on international routes increased by 12%. Load factor improved to 83.6% from 82.9% in 2017 as a result of efficient revenue and network management.

During the third quarter, revenue increased to €483.6 million, 9% up compared to 2017. Pre-tax earnings increased by 4% to €134.1 million while net earnings were 3% higher compared to last year at €94.7 million, despite the significant rise of fuel costs which stood at 27% for the quarter even after the effect of hedging.

Operating cash flow reached €161.8 million resulting to cash and cash equivalents and financial investments rising to €389.9 million as of 30.09.2018, following the payment of €34 million in pre-delivery payments to Airbus.

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